Nasstar raises 10.5m pounds to fund Denara takeover

17th Dec 2013 10:28

Cloud computing group Nasstar unveiled a 10.5m-pound share placing to fund an acquisition as it unveiled wider half-year losses.Nasstar said it was paying £13m for Denara Holdings, which owns hosted desktop and managed services provider e-know.net.It said it had raised £10.5m to fund the cash part of the reverse takeover of Denara, which will result in the enlarged group being re-admitted to AIM after shareholder approval.Nasstar said the deal would allow it to benefit from e-know.net's marketing and sales expertise, to serve more types and sizes of business and to make efficiency savings.The group also posted a pre-tax loss for the six months to September 30th of £573,000 against £383,000 in the year to September 30th, 2012.It said the number of hosted desktop live users rose 33% to more than 2,400 since the start of this financial year.The extra subscribers follow the loss of what Nasstar described as a substantial number of users when a fixed term contract with Allied Healthcare ended in September last year.Shares fell 3.75p to 6.75p at 10:54 in London.PW